Soybean price breaks the support – Analysis - 27-01-2020

Soybean price broke 908.10 level clearly and settled below it, which presses on the price to achieve more decline in the upcoming period, approaching 895.70 level that represents the next negative target.

Therefore, the bearish trend will be suggested for today, supported by the EMA50, organized inside the bearish channel that appears on the chart, noting that surpassing the mentioned target will push the price to 87570 on the near term basis, while the expected decline will remain valid unless breaching 908.10 level.

The expected trading range for today is between 890.00 support and 908.00 resistance.

The expected trend for today: Bearish